Daily Newsletter - August 7, 2023

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Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:

IAASB Drafts

Legal Updates:

GST

SEBI

DGFT

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News Update:

Indian News:

Corporate guarantees given to subsidiaries land many Indian holding companies in a GST pickle

Banks write off Rs 14.56 trn NPAs in last nine financial years: Centre

Leaking consumer contact info may make biz entities liable to Rupees 250 crore fine

Five-day work week in banks soon as industry demand gets nod from IBA

85% taxpayers opt for old regime, 55% fully utilise 80C benefit: survey

Young-professionals to be hired by I-T department to help in tax litigation

CBIC mulling organisational restructuring to make it more effective, do away with overlapping

EPFO to appoint actuary to get consultancy for insurance, pension scheme

Gujarat: Tax evasion of 5.7cr detected

DGGI finds 8k fraud ITC claim cases

Sebi provides clarity on online resolution of disputes framework

Govt to extend date of import restrictions on laptops and computers

Audit unreliable, invalid if files not submitted: NFRA

NFRA debars auditor of Bartronics India for 10 years

Carbon credit export may be allowed, framework with Japan in offing

Sebi reduces time limit for AIFs, VCs to invest overseas to 4 months

ICAI refers edtech firm Byju's matter to its disciplinary committee

India insurance regulator allows exemptions for holdings in merged HDFC Bank

  

International News:

US: Proposed Changes to Auditing Standards Will Increase Cost and Complexity to Businesses and Investors

PCAOB Standards Amendments Could Increase Auditor Responsibilities

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Exposure Drafts:

IAASB Drafts:

Proposed International Standard on Sustainability Assurance 5000
General Requirements for Sustainability Assurance Engagements
and
Proposed Conforming and Consequential Amendments to Other IAASB Standards
[Last date for Comments: December 1, 2023] 

Explanatory Memorandum for Proposed International Standard on Sustainability AssuranceTM (ISSA) 5000
General Requirements for Sustainability Assurance Engagements
[Last date for Comments: December 1, 2023] 

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Legal Updates:

GST:

The Central Goods and Services Tax (Second Amendment) Rules, 2023 [No.38]

Seeks to notify special procedure to be followed by the electronic commerce operators in respect of supplies of goods through them by unregistered persons [No.37]

Seeks to notify special procedure to be followed by the electronic commerce operators in respect of supplies of goods through them by composition taxpayers [No.36]

  

SEBI:

Transactions in Corporate Bonds through Request for Quote (RFQ) platform by FPIs

Validity period of approval granted by SEBI to Alternative Investment Funds (AIFs) and Venture Capital Funds (VCFs) for overseas investment

  

DGFT:

Amendments to Notification No. 23/2023 dated 03.08.2023 [Notification No.26]

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